Source: Tom Johnston, MEATINGPLACE, 6/29/15


Sysco Corporation announced today that the company has terminated its merger agreement with US Foods, which also terminates an agreement with Performance Food Group to buy US Foods facilities in 11 markets.

The move comes days after the U.S. District Court in Washington, D.C., granted the Federal Trade Commission's request for a preliminary injunction to block the proposed merger.

Under terms of the deal, the termination of the transaction requires Sysco to pay break-up fees of $300 million to US Foods and $12.5 million to Performance Food Group.

US Foods used the occasion to announce its “Just Taking Off” campaign that "marks the beginning of the company’s re-launch as an even stronger force in the foodservice industry," according to the company. The centerpiece of that effort, the company said, is innovation using new technology.

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